1.
In a specified year, nominal gross domestic product grew by 12 percent and real gross domestic product grew by 5 percent.

What would be the inflation rate for this year?

7%

-7%

8%

17%

2.
Which of the following could result in simultaneous increases in unemployment and inflation?

Which of the following could result in simultaneous increases in unemployment and inflation?

An increase in the overall level of productivity

A decrease in government spending

A decrease in the money supply

An increase in the expectations of future inflation

3.
From 2017 to 2018, the unemployment fell from 4.3 to 3.9 percent while inflation fell from 3.2 to 1.4 percent.

Which of the following is a valid reason behind these changes?

Aggregate supply curve shifted to the right

Aggregate supply curve shifted to the left

Aggregate demand curve shifted to the right

Aggregate demand curve shifted to the left

4.
According to the law of diminishing marginal utility, which of the following choices is true?

When marginal utility is decreasing, total utility will always decrease.

Total satisfaction of a good or service decreases as more units are consumed.

The additional satisfaction received from consuming extra units of a good or service decreases as consumption of the good or service increases.

The additional satisfaction received from consuming extra units of a good or service increases as consumption of the good or service increases.

5.
A profit-maximizing firm is perfectly competitive and is at long-run equilibrium. The output of the firm is 200 units, the total revenue is $1,200.00, and the fixed cost of production is $100.00.

Based on the information given, which of the following applies for the firm?

The firm’s marginal cost is $6.00, while the firm’s average variable cost is $5.50

The firm’s marginal cost is $6.00, and the firm’s average total cost is $5.50

The firm’s marginal cost is $5.50, while the firm’s average total cost is $5.50

The firm’s marginal cost is $6.00, and the firm’s average fixed cost is $5.50

6.
Which of the following is more likely to determine the probability of a type I error?

The sample size

The researcher

The degree of falsity of the null hypothesis

None of the above

7.
A researcher has a random sample of 100 observations on variable z which is distributed normally with a mean of 15 and variance of 9. The sample average (zbar) is 16 and the sample variance is 8.

What is the mean and variance of the sampling distribution of zbar?

The mean is 16 and its variance is 0.08

The mean is 16 and its variance is 8

The mean is 15 and its variance is 0.09

The mean is 15 and its variance is 9

8.
What is the statistical relationship between a country’s GNP per capita and birth rate?

There is no statistical relationship between a country’s GNP per capita and birth rate

Birth rates increase regardless of whether GNP per capita increases or decreases

Birth rates increases as GNP per capita increases

Birth rates decreases as GNP per capita increases

9.
A government imposition of price ceilings on natural gas would cause:

A decrease in individual’s dependence on private vehicles for transportation

Producers of natural gas to generate higher profits

A shortage of natural gas

The replacement of coal as an energy source by natural gas

10.
Which of the following is required for the market system to be effective in providing incentives for both consumers and producers to be mindful of scarcity?

Sound international cooperation among global coalitions

Proper environment-related legislation enacted by the government

Growing awareness and perceived necessity of the consumption of future generations

Well-defined property rights in society

Question

1.

In a specified year, nominal gross domestic product grew by 12 percent and real gross domestic product grew by 5 percent.

What would be the inflation rate for this year?

7%

-7%

8%

17%

2.

Which of the following could result in simultaneous increases in unemployment and inflation?

An increase in the overall level of productivity

A decrease in government spending

A decrease in the money supply

An increase in the expectations of future inflation

3.

From 2017 to 2018, the unemployment fell from 4.3 to 3.9 percent while inflation fell from 3.2 to 1.4 percent.

Which of the following is a valid reason behind these changes?

Aggregate supply curve shifted to the right

Aggregate supply curve shifted to the left

Aggregate demand curve shifted to the right

Aggregate demand curve shifted to the left

4.

According to the law of diminishing marginal utility, which of the following choices is true?

When marginal utility is decreasing, total utility will always decrease.

Total satisfaction of a good or service decreases as more units are consumed.

The additional satisfaction received from consuming extra units of a good or service decreases as consumption of the good or service increases.

The additional satisfaction received from consuming extra units of a good or service increases as consumption of the good or service increases.

5.

A profit-maximizing firm is perfectly competitive and is at long-run equilibrium. The output of the firm is 200 units, the total revenue is $1,200.00, and the fixed cost of production is $100.00.

Based on the information given, which of the following applies for the firm?

The firm’s marginal cost is $6.00, while the firm’s average variable cost is $5.50

The firm’s marginal cost is $6.00, and the firm’s average total cost is $5.50

The firm’s marginal cost is $5.50, while the firm’s average total cost is $5.50

The firm’s marginal cost is $6.00, and the firm’s average fixed cost is $5.50

6.

Which of the following is more likely to determine the probability of a type I error?

The sample size

The researcher

The degree of falsity of the null hypothesis

None of the above

7.

A researcher has a random sample of 100 observations on variable z which is distributed normally with a mean of 15 and variance of 9. The sample average (zbar) is 16 and the sample variance is 8.

What is the mean and variance of the sampling distribution of zbar?

The mean is 16 and its variance is 0.08

The mean is 16 and its variance is 8

The mean is 15 and its variance is 0.09

The mean is 15 and its variance is 9

8.

What is the statistical relationship between a country’s GNP per capita and birth rate?

There is no statistical relationship between a country’s GNP per capita and birth rate

Birth rates increase regardless of whether GNP per capita increases or decreases

Birth rates increases as GNP per capita increases

Birth rates decreases as GNP per capita increases

9.

A government imposition of price ceilings on natural gas would cause:

A decrease in individual’s dependence on private vehicles for transportation

Producers of natural gas to generate higher profits

A shortage of natural gas

The replacement of coal as an energy source by natural gas

10.

Which of the following is required for the market system to be effective in providing incentives for both consumers and producers to be mindful of scarcity?

Sound international cooperation among global coalitions

Proper environment-related legislation enacted by the government

Growing awareness and perceived necessity of the consumption of future generations

Well-defined property rights in society

Accepted Answer

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